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- Tax credits will now remain unchanged, after having lost a key vote on the House of Lords
- The rate of Housing Benefit in the social sector will be capped at the same rate as is paid to those in the private rented sector.
- Money will be spent to encourage home builders to construct starter home
- There will also be an investment in the shared ownership scheme
- 3% Surcharge on stamp duty on some buy-to let properties and second homes levied from April
- Councils will receive the full amount of revenues from business rates, up from 50pc. They will also have the power to cut their own business rates.
- Councils which have responsibility for social care will be able to add 2% to council bills
- Local councils will retain 100pc of the funds received from their asset sales to enable them to “improve” the services they wish to provide.
- North Ireland’s assembly will have greater power over corporation tax, and will choose to set this at 12.5pc.
- The state pensions will rise by more than £3 to £119.30 a week from next April. It is the largest increase in 15 years.
- However, the state pension age will also rise. Mr Osborne says this will allow the triple lock on pensions to be maintained.
- The Chancellor says the Conservatives have left pensioners £1,125 better off a year since coming into power.
- Each individual will have their own digital tax account.
- The Chancellor has announced a £6bn spending boost for the NHS, as fears grow that the healthcare system has been underfunded. It is the first £6bn of a total £10bn boost.
- A new goal of training 10,000 more nurses, with the cap on training places scrapped. Student nurses will now receive loans rather than grants
- Key Points Spring Budget 2017
The Spring budget was presented by Mr Philip Hammond on 8th March 2017.
A summary of the main points are noted below:
Class 4 National Insurance to increase from 9% to 10 % in April 2018 and to go up to 11% in April 2019. All class 4 earnings above £43,000 will continue […]
- Married Couples Allowance
Transfer unused tax allowance to save up to £212.00 in tax year 2015/16
If you are a married couple or are in a civil partnership, you may qualify for couples tax relief worth up to £212 in 2015/16.
Who does this apply to?
This tax relief is available to married couples and couples in a […]
- Budget 2016 – Key Points
Sugar levy on soft drinks
This aims to raise £520m in a two-part levy on companies – one for total sugar content above 5g per 100ml and one for drinks with more than 8g per 100ml – to be introduced in two years’ time. Pure fruit juice and milk are excluded. It will be used […]
- National Living Wage
The 1 April 2017 the National Living Wage (NLW) for workers aged 25 and above will increase to £7.50 per hour. The current National Minimum Wage for those under the age of 25 will continue to apply and the rates set from 1 April 2017 can be found here National Minimum Wage Rates .The Government’s objective is to have a […]
- Autumn Statement 2015
Tax credits will now remain unchanged, after having lost a key vote on the House of Lords
The rate of Housing Benefit in the social sector will be capped at the same rate as is paid to those in the private rented sector.
Money will be spent to […]
- Key Points Spring Budget 2017